LISTED exploration company The Philodrill Corp. is now the operator of petroleum service contract (SC) 53 or the onshore Mindoro natural gas exploration project, the firm said on Monday as it cited a letter from the Department of Energy (DoE).
“After thorough review of the technical, legal, and financial qualifications of the continuing partners, the request for redistribution of participating interests among the continuing partners, and the assignment of Philodrill as the operator (of SC 53), is hereby approved,” Philodrill said, quoting the DoE in a regulatory filing.
As a result of the new development, Philodrill and Anglo Philippine Holdings Corp. would hold 81.48% and 18.52% participating interest, respectively, in SC 53.
In 2014, the SC 53 consortium members were the UK-based Pitkin Petroleum Plc. (35%); Resource Management Associates Ltd. (35%); Philodrill (22%); Anglo (5%); and Basic Energy Corp. (3%).
SC 53, which was awarded by the DoE in 2005, covers 6,600 square kilometers of onshore areas in Mindoro within the North Palawan Micro-Continental Block.
In a separate filing on Monday, Anglo confirmed that it has received a copy of Philodrill’s disclosure but has “yet to receive official communication from the DoE on the matter.”
Philodrill’s active petroleum projects cover offshore Palawan areas and onshore Mindoro under various DoE-awarded service contracts.
Anglo is an investment holding firm that focuses on development and infrastructure activities. It held investments in Philodrill, among other companies.
Philodrill stocks climbed 46.15% to close at P0.019 apiece on Monday. Meanwhile, shares in APO improved 29.88% to finish at P1.13 apiece. — Angelica Y. Yang